Eastman and Olin Raise Third-Quarter Expectations

2:43 PM MDT | October 20, 2008 | Chemical Week Editorial Staff

Eastman Chemical says that third-quarter earnings per share, excluding costs related to undisclosed “strategic actions,” are expected to be higher than analysts’ estimates of $1.30/share. Eastman’s earnings were $1.26/share in the year-ago period. Improved results were driven by higher operating earnings primarily due to a recent decline in raw material and energy costs, higher sales revenue, and ongoing cost reductions that more than offset lower sales volume due to softening demand, Eastman says. Eastman and Olin both report earnings on...